Wealth Management

IRS Retirement Plan Contribution Limits

To make it possible for voluntary retirement savings to keep up with inflation, the various numerical limits embedded within qualified retirement plans are indexed for inflation.

6 Predictors of Happiness in Retirement

A study of adult development has been carried out at Harvard for roughly the last century. Three groups have been tracked: 268 Harvard graduates born about 1920; 90 middle-class gifted women born about 1910; and 456 social disadvantaged men from inner cities born about 1930. Some of the results of the study were reported in Business Insider.

2020 Financial Resolutions

The new year is a perfect time to review and update your financial resolutions. Here are some things to consider as you plan for 2020 and beyond.

Philanthropy and Your IRA

Making a direct transfer from an IRA to a charity, long a valuable planning strategy, has become even more valuable following the enactment of 2017’s Tax Cuts and Jobs Act.

Minors and Estate Planning

Reportedly, only one-third of parents with a minor child have a will in place. One obstacle seems to be the naming of a guardian for the child in the event that a parent dies while the child is a minor.

Money and the Single Senior

Facts of life: Most retirees will be single for some period of time, and most of those singles will be women. Throughout the life cycle, financial planning for singles differs from planning for couples. Obviously, there is only a single set of assets to work with, and no surviving spouse to plan for. Less obviously, taxes are higher for singles, and they have no partner to fall back upon in case of adversity.

Everyone Needs a Will

As important as estate planning is, that has long been a hard sell for most Americans. A 2017 survey by Caring.com revealed that only 42% of U.S. adults had a will or a living trust in place.

The federal estate tax exemption doubled. Now what?

Put your beneficiaries first. The traditional “hot button” that has motivated people to see their lawyers about estate planning is taxation. Death taxes—inheritance taxes, estate taxes, federal taxes, state taxes—have taken a notorious toll on unplanned estates over the years. With sound planning, that burden can be lightened or even eliminated. In many cases, the tax savings easily cover the cost of the attorney’s fees for creating the estate plan.